Leonardo Gambacorta

Research Adviser

Monetary and Economic Department

leonardo.gambacorta@bis.org

Before taking up his current position, Leonardo was Head of Monetary Policy in the Monetary and Economic Department (2010-12). He was also Head of the Money and Credit Unit in the Economic Outlook and Monetary Policy Department of the Bank of Italy (2007-09). He holds an MSc in Economics from the University of Warwick and a PhD in Economics from the University of Pavia. He worked as a financial analyst in the Supervision Department of the Bank of Italy (Milan branch) before becoming Head of the Banking Sector Unit of the Research Department (2004-06). He was a visiting scholar at the National Bureau of Economic Research (2002-03). His main interests include the monetary transmission mechanisms, the effectiveness of macroprudential policies, the financial intermediation process and the functioning of securitisation markets. He is a research fellow of the Centre for Economic Policy Research.

Fields of interest

Macroeconomics
Monetary policy
Central banking

Sep 2017	The real effects of relationship lending Other authors: Ryan Niladri Banerjee and Enrico Sette BIS Working Papers \| No 662
Sep 2017	What are the effects of macroprudential policies on macroeconomic performance? Other authors: Codruta Boar, Giovanni Lombardo and Luiz Awazu Pereira da Silva BIS Quarterly Review \| September 2017
Jun 2017	Macroprudential policy and bank risk Other authors: Yener Altunbas and Mahir Binici BIS Working Papers \| No 646
Jun 2017	The shifting drivers of global liquidity Other authors: Stefan Avdjiev, Linda Goldberg and Stefano Schiaffi BIS Working Papers \| No 644
Jun 2017	The international dimensions of macroprudential policies Other authors: Pierre-Richard Agénor, Enisse Kharroubi, Giovanni Lombardo and Luiz Awazu Pereira da Silva BIS Working Papers \| No 643
May 2017	The impact of macroprudential policies and their interaction with monetary policy: an empirical analysis using credit registry data Other authors: Andrés Murcia Pabón BIS Working Papers \| No 636
Apr 2017	How post-crisis regulation has affected bank CEO compensation Other authors: Vittoria Cerasi, Sebastian M Deininger and Tommaso Oliviero BIS Working Papers \| No 630
Mar 2017	Changing business models in international bank funding Other authors: Adrian Van Rixtel and Stefano Schiaffi BIS Working Papers \| No 614
Feb 2017	Monetary policy and bank lending in a low interest rate environment: diminishing effectiveness? Other authors: Claudio Borio BIS Working Papers \| No 612
Feb 2017	The effects of tax on bank liability structure Other authors: Giacomo Ricotti, Suresh Sundaresan and Zhenyu Wang BIS Working Papers \| No 611

"Leverage and risk weighted capital requirements" (with S Karmakar), International Journal of Central Banking, forthcoming. Also published as BIS Working Papers, no 586.
" Why bank capital matters for monetary policy" (with H S Shin), Journal of Financial Intermediation, forthcoming. Also published as BIS Working Papers, no 558.
"Macroprudential policy and bank risk" (with Y Altunbas and M Binici), Journal of International Money and Finance, forthcoming. Also published as BIS Working Papers, no 646.
" Relationship and transaction lending in a crisis" (with P Bolton and X Freitas), Review of Financial Studies, vol 29, no 10, 2016, pp 2643-76. Also published as BIS Working Papers, no 417.
" Are bank capital ratios pro-cyclical? New evidence and perspectives" (with M Brei), Economic Policy, vol 31, no 86, pp 357-453, 2016. Also published as BIS Working Papers, no 471.
" Asymmetric information in securitization: an empirical assessment" (with U Albertazzi, G Eramo and C Salleo), Journal of Monetary Economics, vol 71, 2015, pp 33-49. Also published as "Securitization is not that evil after all", BIS Working Papers, no 341 .
"Monetary policy and bank lending in a low interest rate environment: diminishing effectiveness?" (with C Borio), Journal of Macroeconomics, forthcoming. Also published as BIS Working Papers, no 612.
"The influence of monetary policy on bank profitability" (with C Borio and B Hofmann), International Finance, forthcoming. Also published as BIS Working Papers, no 514.
" Has the transmission of policy rates to lending rates changed in the wake of the Global Financial Crisis?" (with A Illes and M Lombardi), International Finance, vol 18, no 3, 2015, pp 263-80. Also published as BIS Working Papers, no 477.
" Understanding global liquidity" (with S Eickmeier and B Hofmann), European Economic Review, vol 68, 2014, pp 1-18. Also published as BIS Working Papers, no 402.
" Should monetary policy lean against the wind? An analysis based on a DSGE model with banking" (with F Signoretti), Journal of Economic Dynamics and Control, vol 43, 2014, pp 146-74. Also published as BIS Working Papers, no 418.
" The effectiveness of unconventional monetary policy at the zero lower bound" (with B Hofmann and G Peersman), Journal of Money, Credit and Banking, vol 46, issue 4, 2014, pp 615-42. Also published as BIS Working Papers, no 384.
" Bank heterogeneity and interest rate setting: What lessons have we learned since Lehman Brothers?", (with P E Mistrulli), Journal of Money, Credit and Banking, vol 46, issue 4, 2014, pp 753-78. Also published as BIS Working Papers, no 359.
" Basel III: long-term impact on economic performance and fluctuations" (with P Angelini, L Clerc, V Cúrdia, A Gerali, A Locarno, R Motto, W Roeger, S Van den Heuvel and J Vlcek), Manchester School, vol 83, issue 2, 2015, pp 217-51. Also published as BIS Working Papers, no 298.
" Relationship and transaction lending: New evidence and perspectives", Review of Financial Studies, vol 29, no 10, 2016, pp 2643-76. Also published as BIS Working Papers, no 417.
" The use of payment systems data as early indicators of economic activity" (with C Conesa, M Lombardi and S Gorjon), Applied Economics Letters, vol 22, issue 8, 2015, pp 646-50.
" Monetary policy in a downturn: are financial crises special?" (with M Bech and E Kharroubi), International Finance, vol 17, issue 1, 2014, pp 99-119. Also published as BIS Working Papers, no 388.
" Does monetary policy affect bank risk?" (with Y Altunbas and D Marqués), International Journal of Central Banking, vol 10, no 1, 2014, pp 95-135. Also published as BIS Working Papers, no 298.
" Diversification and bank profitability: a nonlinear approach" (with M Scatigna and J Yang), Applied Economics Letters, vol 21, no 6, 2014, pp 438-41.
" Rescue packages and bank lending" (with M Brei and G von Peter), Journal of Banking and Finance, vol 37, issue 2, 2013, pp 490-505. Also published as BIS Working Papers, no 357.
" Structural bank regulation initiatives: approaches and implications" (with A van Rixtel), Bancaria, no 6, June 2013. Also published as BIS Working Papers, no 412.
" Do bank characteristics influence the effect of monetary policy on bank risk?" (with Y Altunbas and D Marqués), Economics Letters, vol 117, issue 1, October 2012.
" Do bank capital and liquidity affect real economic activity in the long run? A VECM analysis for the US", Economic Notes, vol 40. issue 3, 2012, pp 75-91.
" The economic effects of central bank bond purchase programmes" (with B Hofmann), Bancaria, no 3, 2012, pp 38-50.
" The effects of countercyclical capital buffers on bank lending" (with M Drehmann), Applied Economic Letters, vol 19, issue 7, 2012, pp 603-8.
" The bank lending channel: lessons from the crisis" (with D Marqués), Economic Policy, April 2011. Also published as BIS Working Papers, no 345.
" The risks of low interest rates", Ensayos sobre política económica, vol 29, no 64, 2011, pp 14-31. Also published in Italian in Bancaria, January 2011.
" Bank risk and monetary policy" (with Y Altunbas and D Marqués), Journal of Financial Stability, vol 6, issue 3, 2010, pp 121-9.
" Mutual guarantee institutions and small business finance" (with F Columba and P E Mistrulli), Journal of Financial Stability, vol 6, issue 1, 2010, pp 45-54. Also published as BIS Working Papers, no 290.
" Bank profitability and taxation" (with U Albertazzi), Journal of Banking and Finance, vol 34, 2010, pp 2801-10.
" Modelling bank lending in the euro area: a non-linear approach" (with C Rossi), Applied Financial Economics, vol 20, issue 14, 2010, pp 1098-112.
" Securitization and the bank lending channel" (with Y Altunbas and D Marqués), European Economic Review, vol 53, issue 8, 2009, pp 996-1009.
" Bank profitability and the business cycle" (with U Albertazzi), Journal of Financial Stability, vol 5, issue 4, 2009, pp 393-409.
"The effects of mutual guarantee consortia on the quality of bank lending" (with F Columba and P E Mistrulli), Revue Bancaire and Financière, no 4, 2009.
" How do banks set interest rates?", European Economic Review, vol 52, issue 5, 2008, pp 792-819.
" Bank lending for non-financial corporations in the Mezzogiorno", Bancaria, no 1, 2008, pp 52-60 (in Italian).
" Are there asymmetries in the response of bank interest rates to monetary shocks?" (with S Iannotti), Applied Economics, vol 39, issue 19, 2007, pp 2503-17.
" On the activity of Italian mutual guarantee institutions" (with F Columba and P E Mistrulli), Bancaria, no 7, 2006 (in Italian).
" Inside the bank lending channel", European Economic Review, vol 49, issue 7, 2005, pp 1737-59.
"An econometric model for lending to firms in Italy" (with L Casolaro and G Eramo), Moneta e Credito, vol 59, no 234, 2005, pp 151-83 (in Italian).
" A model of profit and loss accounts for the Italian banking system" (with L Casolaro), Bancaria, no 3, 2005, pp 19-27 (in Italian).
" Does bank capital affect lending behaviour?" (with P E Mistrulli), Journal of Financial Intermediation, vol 13, issue 4, 2004, pp 436-57.
" The Bernanke and Blinder model in an open economy: the Italian case" (with P Chiades), German Economic Review, vol 5, issue 1, 2004, pp 1-34.
"An econometric model for lending to households in Italy" (with L Casolaro), Moneta e Credito, vol 58, no 229, 2004, pp 29-56 (in Italian).
" Asymmetric bank lending channels and ECB monetary policy", Economic Modelling, vol 20, no 1, 2003, pp 25-46.
" The effects of monetary policy in the euro area" (with M Ehrmann, J Martinez Pagés, P Sevestre and A Worms), Oxford Review of Economic Policy, vol 19, no 1, 2003, pp58-72.
"I prestiti bancari per l'acquisto di abitazioni in Italia e nell'area dell'euro" (with L Casolaro and G Gobbi), Quaderni di Economia Immobiliare, June 2003, pp 24-39 (in Italian).
" On the institutional design of the European monetary union: conservatism, stability pact and economic shocks", Economic Notes, vol 30, no 1, 2001, pp 109-43.
"The effects of structural asymmetries in aggregate demand for ECB monetary policy", Economia Politica, vol 18, no 2, 2001, pp 217-47 (in Italian).
" The Italian banking system in the euro area" (with G Gobbi and F Panetta), Bancaria, no 3, 2001, pp 21-32 (in Italian).
"The financial instability hypothesis in an open economy", Studi Economici, vol 50, no 56, 1996, pp 63-105 (in Italian).
"Dalla 'crescita con indebitamento' alla 'deflazione da debiti'. L'attuale fase ciclica in una prospettiva storica" (with G Garofalo), Economia e Lavoro, vol 29, no 2, 1995, pp 21-30 (in Italian).
"The Tobin-Tax" (with G Garofalo), Rivista di Politica Economica, no 3, 1994 (in Italian).

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Leonardo Gambacorta

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